AUDUSD extends through pivotal 0.7605/12 pivots after stronger than expected data

The Aussie dollar advanced strongly in Asia on Monday, driven by upbeat data. Australian corporate profits rose by 5.9% in Q1, beating forecast for 3.0% rise, while retail sales were up 0.4% in April vs 0.2% forecast.
Better than expected data today add to signals that economic growth is regaining traction after last year’s slowdown.
Focus turns on Australian GDP report, due on Wednesday, which would provide more information about the Australian economic growth.
Today’s rally generated bullish signal on break above pivotal barriers at 0.7605/15 (former high of 22 May / 50% retracement of 0.7812/0.7412 bear-leg / 55SMA) and pressures immediate resistance at 0.7641 (weekly cloud base) which guards key points at 0.7660/72 (Fibo 61.8% / base of falling daily cloud).
Daily MA’s turned to bullish setup and attempt to form double bull-cross (5/10 and 20/30SMA) which would further support the advance, along with strong bullish momentum.
Overbought slow stochastic on daily chart warns that bulls may show hesitation on approach to 0.7660/72 pivots, with corrective dips to hold above 0.7560 (converged 5/10SMA’s) and keep near-term bullish bias.
Strong bullish signal could be expected on break and close above 0.7660/72, which could spark bullish acceleration towards 0.7718 (Fibo 76.4%) and 0.7756 (daily / weekly cloud top, reinforced by 200SMA).

Res: 0.7641; 0.7660; 0.7672; 0.7718
Sup: 0.7615; 0.7605; 0.7560; 0.7537